I want to sort out my insurance but I have no idea where to start. What is the first practical step?

The best starting point is finding out what you already have. Check whether you already have cover through your super by jumping onto your fund's online portal, or reviewing your annual member statement. It may be that you don’t have insurance, your cover is either lower than expected, or you have gaps you were unaware of. Once you know what you have, you can identify what is missing. Speaking with a financial adviser who specialises in personal risk insurance is the most efficient way to move from there, because they can suggest the appropriate level of cover for you based on your goals and what is important to you rather than the averages used for default super cover.

Can I get insurance if I have a pre-existing condition?

Yes, in most cases. A pre-existing condition does not automatically mean you are uninsurable. Insurers assess applications individually, and many conditions result in a specific exclusion for that condition rather than an outright decline. For some conditions a premium loading applies instead. The important thing is to apply rather than assume. A financial adviser can help you identify the right insurers and structure your application appropriately, which makes a significant difference to the outcome.

What is the difference between trauma insurance and TPD? They sound like the same thing.

They cover different situations and both matter. Trauma insurance, also called critical illness cover, pays a lump sum when you are diagnosed with a specified serious condition such as cancer, a heart attack or stroke. You do not have to be permanently unable to work to claim it; the diagnosis alone triggers the payment. Total and permanent disability insurance covers the more severe scenario: you become permanently unable to return to work. Trauma is claimed more frequently and often earlier in life. One important practical difference: trauma cover cannot be held inside superannuation, so it must be funded personally.

How do I work out how much cover I actually need?

A useful starting point is to calculate what your financial obligations would look like if you could not work for six months, two years, or permanently. Add up your mortgage or rent, loan repayments, living expenses and any dependent costs. Then compare that figure honestly to what your super cover and emergency savings would actually provide, not what you assume they would provide. The gap between those two numbers is roughly where private insurance needs to sit. A financial adviser can run this calculation properly based on your specific situation.

What happens to my income protection if I take time off for maternity leave or to care for a family member?

Income protection covers you when you are unable to work due to illness or injury, not simply because you have chosen not to work. Planned leave does not generally trigger a benefit. However, the policy remains in force during that time, so if you became ill or injured while on leave, you would typically still be covered subject to your policy terms. This is worth confirming for your specific policy, as waiting periods and definitions vary between insurers. It is also worth knowing that career breaks and reduced hours are not likely to affect your eligibility to hold income protection, though they may affect the benefit amount you can apply for.

I am self-employed. Does income protection still work the same way?

Yes, and for self-employed women it is arguably more important. Unlike an employee who may have access to paid sick leave, a self-employed person has no income replacement buffer at all if they cannot work. Income protection for the self-employed works the same way as for employees, replacing up to 70% of your pre-disability income, and premiums are also tax deductible for self-employed policy holders provided the policy is held outside superannuation. The waiting period and benefit period you choose will affect both the cost and the level of protection, so it is worth getting advice on the right structure.

5 common insurance myths Australian women ask about (and what you need to know)

ProtectionArticle22 June 2026

Author: Naomi Holmes
Credentials: Podcast Host and Founder of Her Money Matters and financial services professional (25+ years experience).